Bandhan Bank expands branch network to 700, loan book stands at Rs.16,000 crore

By: | Published: August 8, 2016 6:35 PM

Private sector lender Bandhan Bank, which commenced operations as a universal bank in August last year, on Monday opened eight new branches, which took its branch network to 700.

Since its launch the city-based bank has mobilized close to Rs. 15,000 crore deposits and its loan book currently stands at Rs. 16,000 crore. (Source: Reuters)

Private sector lender Bandhan Bank, which commenced operations as a universal bank in August last year, on Monday opened eight new branches, which took its branch network to 700.

Since its launch the city-based bank has mobilized close to Rs. 15,000 crore deposits and its loan book currently stands at Rs. 16,000 crore.

Out of the eight newly-opened bank branches, seven are in West Bengal and one in Uttar Pradesh.

After the inauguration of the bank’s 700th branch in Kolkata’s posh Ballygunge area, Chandra Shekhar Ghosh, MD & CEO, said, “For Bandhan Bank, the 700th branch is an important milestone. This branch has a special bay to cater to the affluent segment. Besides, there is e-lobby for those who look for self service.

“We are happy to have 700 branches in less than one year. We would like to maintain the momentum by increasing our footprint nationally to serve many more millions of customers,” Ghosh said.

The bank now operates across 29 states and Union Territories through 3,082 touch points consisting of 700 bank branches, 2,142 Doorstep Service Centres (DSCs) and 240 ATMs, catering to 89 lakh customers, according to a release.

The lender, which was the first instance in the country of a microfinance entity transforming in to a universal bank, has two divisions — micro banking and general banking. It had reduced lending rate for micro loans by 0.6% or 60 basis points in the last month. That was the third round of lending rate cut since Bandhan commenced banking operations.

Bandhan Bank commenced its operations on August 23, 2015, with 501 branches, 2,022 DSCs and 50 ATMs across 24 states.

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